Banks Earn N209Bn from Account Maintenance Charges in 3 Months as Fee Income Nears N1Trn, Report Shows

Nigerian banks generated more than N209 billion from account maintenance charges in the first three months of 2026, underscoring the growing importance of customer fees as lenders continue to expand their non-interest income streams.

According to an analysis by The PUNCH of the unaudited first-quarter financial statements of 11 listed banks, account maintenance charges rose to N209.18 billion in Q1 2026, representing a 14.07 per cent increase from the N183.37 billion recorded during the same period last year.

The report also showed that the banks collectively earned N984.47 billion from fees and commissions during the quarter, up 13.64 per cent from N866.30 billion in the corresponding period of 2025, bringing the industry’s fee-based earnings close to the N1 trillion mark in just three months.

The figures, drawn from 11 of the 13 banks listed on the Nigerian Exchange, exclude FCMB Group and Unity Bank, which had not released their first-quarter unaudited results at the time of the analysis.

The findings highlight the increasingly significant role of charges and commissions in boosting bank profitability at a time when financial institutions are under pressure to diversify revenue sources beyond traditional lending activities.

Under the Central Bank of Nigeria’s Guide to Charges by Banks and Other Financial Institutions, account maintenance fees apply only to current accounts.

The charges replaced the former Commission on Turnover and are intended to help banks recover the cost of managing active transactional accounts.

Among the lenders reviewed, Zenith Bank recorded the highest separately disclosed account maintenance income, generating N25.07 billion during the quarter.

Access Holdings followed with N16.68 billion, while Guaranty Trust Holding Company earned N15.12 billion and United Bank for Africa posted N13.26 billion.

Ecobank Transnational Incorporated reported N118.06 billion under cash management and related fees, the closest equivalent category disclosed in its financial statements.

In terms of overall fee and commission income, Ecobank led the sector with N237.80 billion, followed by Access Holdings with N205.03 billion.

UBA generated N124.07 billion, First Holdco recorded N96.12 billion, while Zenith Bank earned N84.79 billion.

The report further showed that GTCO recorded the fastest growth in account maintenance income among banks that disclosed the figure separately. Its earnings from the category rose by 42.15 per cent from N10.63 billion to N15.12 billion.

Sterling Financial Holdings posted a 38.31 per cent increase to N2.38 billion, while Wema Bank’s account maintenance income climbed 31.30 per cent to N3 billion.

Zenith Bank’s earnings from the charge increased by 30.81 per cent, while UBA recorded a 27.65 per cent rise.

However, not all lenders experienced growth. Fidelity Bank’s account maintenance income declined by 2.52 per cent to N3.24 billion, while Stanbic IBTC’s account transaction fees, its equivalent category, fell by 4.98 per cent.

The broader picture showed varying performances across fee-generating business lines.

Zenith Bank recorded the strongest growth in total fee and commission income at 41.43 per cent, followed by Fidelity Bank at 39.70 per cent, Sterling Financial Holdings at 33.25 per cent, Stanbic IBTC Holdings at 30.37 per cent and First Holdco at 23.67 per cent.

The figures come amid heightened public scrutiny of banking charges and service fees, as households and businesses continue to grapple with economic pressures and rising costs.

They also underscore the extent to which fee-based income has become a major contributor to the earnings of Nigerian banks.